I-T ISSUES NOTICES TO SWISS BANK HOLDERS

A few corporate honchos have received Income-Tax notices for holding undisclosed bank accounts with HSBC, Geneva in Switzerland. The I-T department has issued notices to over 100 individuals in Mumbai and there is around 700 Swiss bank account holders whose names figure in the list. Of
the 700 in the list, close to 200 account holders of HSBC Geneva were reported to be from Mumbai. It is being expected that the I-T department will come up with more revelations in connection with Swiss bank account holders.